Seattle’s 2011 Market Review

Our region’s year over year real estate sales have increased by 36.2 percent, according to Kirkland-based Northwest Multiple Listing Service (NWMLS).

One of the sub-markets with vigorous activity is North Seattle. The number of homes currently in escrow nearly matches

 the number still available for sale, a condition not seen since the boom years of 2005 and 2006, according to NWMLS. Fewer than six percent of North Seattle properties waiting to close escrow are ‘short sale,’ or pre-foreclosure, transactions.

 

Looking at months of inventory provides a clear indication of market performance in a given area:

>6 month supply = Buyer’s market

4 to 6 month supply = Balanced market

<4 month supply = Seller’s market

For single family homes, 2011 started off with nearly seven months supply of inventory. By March, this number fell sharply to just below four months, where supply has remained steady on average for the remainder of the year.

For condominium homes, 2011 started off with 11.6 months supply of inventory. Since March, inventory has been fluctuating between eight and more recently six months supply.

Next month we’ll report to you about real estate market predictions for 2012 and beyond.

For more information about how the market is performing in your neighborhood, call (866) 766.7325.